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US: Quad-C buys Rainbow early years group

US private equity firm Quad-C Management has acquired Rainbow Early Education Holding from Spire Capital Partners for an undisclosed sum.

Rainbow, which is based in Michigan, provides early education services to more than 10,500 students and has 121 schools and before and after school programmes in 12 states. The firm's markets include the Midwest, Mid-Atlantic and southeastern USA. 

Rainbow was formed in 2010, after Spire acquired Rainbow Child Development and merged it with Little Pro's Academy Holdings and Mayberry Learning Centre. 

The business today receives more than 90% of its revenue from private pay customers. 

Spire said that under its ownership, Rainbow opened or acquired 91 schools while increasing sales by more than 400%.

Quad-C is based in Charlottesville, Virginia, and invests in companies worth $75 million to $400 million. 

Spire and Rainbow’s financial adviser on the transaction was Robert W Baird & Co, with Dentons US as legal counsel. Quad-C Management’s legal adviser was White & Case.

Posted on: 08/07/2016

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